UHNW multi-homers report — Wealth X & Sotheby’s International Realty

UHNW multi-homers report — Wealth X & Sotheby’s International Realty

More than ever before, ultra high net worth (UHNW) individuals have globally -oriented lifestyles, driven by their connections to business and social networks throughout the world. One of the biggest reflections of this trend is UHNW home ownership, which is becoming increasingly international: whilst most UHNW individuals opt for a second or third home in the country where they reside, an increasing number are opting for international homes. Five years ago international homes accounted for 11% of non-primary UHNW residences, whereas they now account for 16%. Nearly 80% of UHNW individuals own at least two homes and over half own at least three homes. While many of these residences are purchased as holiday homes, UHNW individuals are buying additional homes for a variety of reasons and are spending more time away from their primary residence. As they spend more time in their additional residences, many UHNW individuals are buying homes based on lifestyle considerations that go beyond finding a holiday home. Homebuyers are increasingly looking for properties that are environmentally sustainable, technologically sophisticated, or better fit their personal and family needs.

We observe that the UHNW population lead global lives and have varied interests that take them to far-reaching places. This report uncovers current trends in their purchasing behaviour whether it be a location they fall in love with during their travels or to meet the demands of their lifestyle. We explore chief lifestyle considerations including the rising demand for environmentally friendly homes, tech-savvy smart homes, serviced homes and statement homes, such as owning a private island; we highlight Miami, Long Island and Geneva as growing global hubs for the UHNW individual. — Philip A. White, Jr. President and Chief Executive Officer › Sotheby’s International Realty Affiliates LLC

MULTI-HOMERS: OVERVIEW

UHNW multi-homers are those with a net worth of $30 million [US] or more who own at least two homes. Wealth X defines luxury homes as those valued at $1 million [US]. (While the price of luxury homes varies across markets, this threshold allows for standardised comparisons.)

While many of these homes are being purchased in traditional UHNW centres, additional home buying is becoming a truly global enterprise. The top 10 secondary residence countries, outside primary business country.

In this report Wealth X profiles a range of growing markets for UHNW multi-homers, with a focus on Miami, Florida; Geneva, Switzerland; and Long Island, New York.